Building your house-buying budget

Posted by Richard Kitts on Wed, Apr 05, 2017 @11:27 AM

In today’s market it’s tempting to max out your debt levels in order to get a mortgage at today’s low rates.  There are many things to consider before taking this leap in order to ensure future prosperity.  People who are renting for $1,500 a month cannot necessarily afford a $1,500 mortgage as there are extra costs that come along with home ownership (i.e., property taxes, heating, condo fees, etc…). 

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, The Mortgage Centre, interest rate, mortgage broker KW, Canadian real estate market, canada mortgage and housing corporation, gross debt service ratio, total debt service ratio

Are Home Prices and the Real Estate Market Pointing to a Housing Bubble Crash?

Posted by Richard Kitts on Tue, Apr 04, 2017 @03:20 PM

Janet and I also went through the 1989 housing collapse.  We ended up losing $32,000 on a new townhouse condo. However, the opportunity to buy a new home in Waterloo became more affordable and we are still there today.   

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, The Mortgage Centre, mortgage broker KW, canada mortgage and housing corporation, The Toronto Real Estate Board, Toronto's real estate, Toronto housing market, housing bubble

Waterloo Region Federal Budget

Posted by Richard Kitts on Tue, Apr 04, 2017 @12:13 PM

Better late than never!

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, The Mortgage Centre, mortgage broker KW, federal budget, Berry Vrbanovic, Ken Seiling, childcare, Bill Morneau, Harold Albrecht, social housing

Financial Consumer Agency launches review of business practices at banks

Posted by Richard Kitts on Tue, Mar 21, 2017 @09:54 AM

This is past its’ time and I hope FCA makes some Changes with The Banks.  Upselling Credit Cards, lines of credit and advancing Home equity mortgages to the wrong client, is a major portion of the  high Debt to Income ratios and not just mortgages.   

Richard Kitts, AMP
President/Mortgage Broker | Tristar Funding Corporation o/a The Mortgage Centre
Licence Number: M08002010

Bank towers are shown from Bay Street in Toronto's financial district on Wednesday, June 16, 2010. Canada's financial consumer watchdog is launching a review of business practices among the major banks following reports citing unnamed employees who alleged the lenders were signing customers up for services without their consent. THE CANADIAN PRESS/Adrien Veczan

TORONTO — Canada's financial consumer watchdog is launching a review of business practices among the major banks following reports citing unnamed employees who alleged the lenders were signing customers up for services without their consent.

Lucie Tedesco, commissioner of the Financial Consumer Agency of Canada, said Wednesday she is concerned by the accusations and issued a statement reminding the lenders of their obligations to obtain prior consent before increasing credit limits and providing clients with new products.

"Financial institutions' compliance with these rules is non-discretionary and the message must be disseminated from the boards of directors on down to customer-facing staff," Tedesco said.

"Through the industry review we are announcing today, we will examine financial institutions' business practices in relation to express consent and disclosure, including the identification of any factors that may be contributing to non-compliance."

The review, which is set to begin next month, comes after the CBC reported that some employees from Canada's five biggest banks alleged that they felt pressured to upsell, trick and even lie to customers to meet sales targets that were unrealistic.

TD (TSX:TD), the focus of early stories about the issue, has said it doesn't believe the reports accurately reflect the bank's workplace.

Scotiabank (TSX:BNS), Royal Bank (TSX:RY), CIBC (TSX:CM) and the Bank of Montreal (TSX:BMO) said in emailed statements that they put clients' needs first, they regularly seek feedback from their employees and customers, and work to resolve any issues.

"While there will be instances in which we make mistakes, we will always be committed to working with our employees and our customers to make things right," Scotiabank said in its statement.

The Canadian Bankers Association said its member banks will co-operate "fully and constructively" with the review.

"We are confident that the banks' strong policies, procedures, and controls are functioning well," the association said in an email.

Edward Jones analyst Jim Shanahan likened the situation to similar allegations facing Wells Fargo last year. In that case, the U.S. bank issued an apology and paid large penalties after regulators concluded that its employees had opened millions of unauthorized accounts and credit cards on behalf of clients.

"I can't remember ever hearing of anything of this magnitude happening in Canada," Shanahan said. "It hasn't reached scandal proportions yet, but it's certainly blowing up."

Shanahan said banks are feeling intense pressure from investors to continue growing their earnings and profitability in spite of headwinds such as rock bottom interest rates and higher capital requirements. That pressure trickles down to executives and, ultimately, customer-facing sales representatives, Shanahan said.

"I don't think we've heard the worst of this yet. This is going to probably get a lot worse before it gets better."

The financials sector was down 0.28 per cent on the Toronto Stock Exchange in early afternoon trading Wednesday, with all five of the major Canadian banks in the red.

Follow @alexposadzki on Twitter.
 
The Canadian Press
March 15, 2017 06:28 AM

View article here>>

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, The Mortgage Centre, mortgage broker KW, Financial Consumer Agency of Canada, Toronto Stock Exchange

Today is BBB Password Day

Posted by Richard Kitts on Wed, Mar 15, 2017 @10:30 AM

Kitchener, ON - Better Business Bureau (BBB) and Global Payments Canada are proud to present the second annual National Password Day, on March 15, 2017. This initiative, part of National Fraud Prevention Month, is an opportunity to remind businesses and consumers of the importance of password security.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: mortgage broker kitchener waterloo, The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker, The Mortgage Centre, mortgage broker KW, Better Business Bureau, National Fraud Prevention Month, National Password Day

Mortgage industry wants lender risk sharing halted, eased stress tests

Posted by Richard Kitts on Mon, Mar 13, 2017 @01:23 PM

Mortgage Professionals Canada is concerned Ottawa's recent changes to mortgage rules are making homes less affordable for Canadians and dampen housing activity, which could impact economic growth. The association's President and CEO, Paul Taylor explains how and what they want to see done about it on BNN.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, Mortgage rules, The Mortgage Centre, mortgage broker KW, Mortgage Professionals Canada, Paul Taylor

Housing changes hurting first timers

Posted by Richard Kitts on Fri, Mar 10, 2017 @11:52 AM

Mortgage Professional Canada is our National Association the helps govern the Mortgage Broker Industry.  This is great insight on the changes that will effect everyday Canadians and some of the changes we are trying to correct. 

Richard Kitts, AMP
President/Mortgage Broker | Tristar Funding Corporation o/a The Mortgage Centre
Licence Number: M08002010

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, first-time home buyers, The Mortgage Centre, mortgage broker KW, Canadian housing market, Mortgage Professionals Canada

Statement by the Prime Minister of Canada on International Women’s Day

Posted by Richard Kitts on Wed, Mar 08, 2017 @03:25 PM
Ottawa, Ontario
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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, The Mortgage Centre, mortgage broker KW, International Women's Day, Justin Trudeau, #EqualityMatters

As real estate prices soar in Waterloo Region, some turning to alternative methods

Posted by Richard Kitts on Tue, Mar 07, 2017 @12:42 PM

With real estate prices rising and showing no signs of slowing, some in Waterloo Region are turning to other methods.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, waterloo real estate, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, The Mortgage Centre, CREA, mortgage broker KW, Canadian housing market, KWAR

BBB Announces National Top 10 Scams of 2016

Posted by Richard Kitts on Fri, Mar 03, 2017 @03:01 PM
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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, The Mortgage Centre, mortgage broker KW, Better Business Bureau, scams, Canada Revenue Agency